1673
Santa Ana grows up outside the new city walls
From ~$177K
New studios and one-bedrooms near Casco
Law 519
2026 law extends Casco tax incentives to Santa Ana
$0
Agent commission paid by buyers
Living in Santa Ana
History, street life and Casco Viejo on foot
In short: Santa Ana is Panama City’s historic working-class quarter just outside Casco Viejo, with an 18th-century church and plaza, a busy pedestrian shopping street and a growing number of restoration and new-build projects. October 2026 asking prices start around $177,000 for a new studio or one-bedroom near Casco.
It is a small, dense district immediately north of Casco Viejo, running along Avenida Central from the edge of the old walled city towards Plaza 5 de Mayo, between El Chorrillo and Calidonia, with the bay along its eastern side.
Santa Ana is lively, crowded and very local. The building stock mixes 19th- and early 20th-century tenement buildings, many in poor condition, Art Deco and mid-century buildings along Avenida Central, and new projects at the Casco edge. A 2026 law extended Casco Antiguo’s tax incentives to the whole of Santa Ana, which is drawing investor attention.
Santa Ana Listings
Below are our current listings in Santa Ana. If you don’t see the right one, tell us your budget and must-haves and we’ll search the area for you, including restoration buildings and properties not yet advertised. Start the Buying Process →
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How Santa Ana Grew
From the quarter outside the walls to Casco Viejo’s next frontier.
1673
The Arrabal Is Born
When the city was refounded on its current site, the walled core became Casco Viejo and Santa Ana grew up outside the walls as the popular quarter.
1764
The Church Is Consecrated
The first stone of the Iglesia de Santa Ana was laid in 1757, and the church was consecrated in 1764.
1915
A Corregimiento
In 1915 the city was divided into districts, and Santa Ana became one of them.
1993
La Peatonal
Avenida Central’s Santa Ana stretch became a pedestrian street. It was refurbished with cobblestones and new lighting in 2019.
2026
Law 519
A new law extended Casco Antiguo’s incentive regime to the whole of Santa Ana as part of the historic district’s buffer zone.
What Property Costs in Santa Ana
Based on about 45 advertised asking prices in October 2026, not closed sales. The market is thin: many apartment listings belong to one new development at the Casco edge.
New studios and one-bedrooms
29 to 47 m² near Casco Viejo
From about $177,000
About $4,300–$6,400 per m²
New two-bedrooms
54 to 96 m² in new projects
About $240,000–$475,000
About $3,700–$5,500 per m²
Whole buildings and restorations
Commercial buildings, houses and restoration projects
From about $480,000
Depends on condition and approvals
What Drives the Price
Distance to Casco Viejo. Blocks next to Casco price close to Casco levels. Deeper inside Santa Ana, prices drop sharply.
Condition. A restored or new building is worth far more than an occupied, deteriorated one.
Incentives. The 2026 Law 519 incentives for qualifying projects are now part of how investors value property here.
Around the Neighbourhood
Santa Ana has more history per block than almost anywhere in the city.
LANDMARK
Plaza and Iglesia de Santa Ana
The church was consecrated in 1764. The plaza beside it, renovated and reopened in 2017, was long the city’s main venue for political rallies.
SHOPPING
Avenida Central
The historic main street became a pedestrian street in 1993 and was refurbished in 2019. It is a busy corridor of everyday shops.
NEXT DOOR
Casco Viejo
The UNESCO World Heritage historic district, with restaurants, rooftop bars, museums and plazas, is a short walk south.
EAT & DRINK
Barrio Chino
The old Chinatown at the Casco end of Avenida Central is known for its small eateries and traditional shops.
GETTING AROUND
5 de Mayo Metro
At Santa Ana’s north-east end, 5 de Mayo station on Line 1 is the closest Metro stop to Casco Viejo.
GREEN SPACE
Cinta Costera
The bayfront promenade and the marine viaduct around Casco Viejo give residents waterfront walking and cycling within a few blocks.
Buying Tips for Santa Ana
What we check with buyers here before they make an offer.
Check Heritage Rules First
Santa Ana is now treated as Casco’s buffer zone. Restoration or new building may need heritage approval, so confirm what can be built before you buy.
Don’t Pay for Incentives You Won’t Get
Law 519 benefits are approved project by project. Confirm eligibility with your attorney and tax adviser.
Find Out Who Lives There
Many older buildings have long-term tenants. Factor the time and cost of their relocation into any project.
Survey the Structure
Much of the old stock is timber or worn masonry. Check the structure, wiring and fire safety, and get insurance quotes.
Go Deep on Title
Old properties can involve inherited ownership, unregistered changes or debts. Your attorney should check the Public Registry and taxes owed.
Walk the Block
Conditions change from street to street. Visit the exact address by day and at night.
Is Santa Ana Right for You?
A quick, honest guide to who tends to love it and who might be happier elsewhere.
A Great Fit For
Investors looking at restoration projects next to Casco
Buyers who want historic character for less than Casco prices
City lovers who enjoy a dense, walkable neighbourhood
Buyers who want the Metro and Casco Viejo on foot
Projects that may qualify for the Law 519 incentives
Think Twice If
You want a quiet, polished residential street
You aren’t ready for heritage approvals or renovation risk
You need parking (it is scarce)
You want an easy resale market
Renting It Out
Demand is building for new, secure apartments at the Casco edge from young professionals and people who work in Casco Viejo and downtown. Older, unrenovated units rent mainly to local tenants. Check each building’s rules on short stays. We pull current comparable rents before you buy.
Costs to Budget For
Plan for these on top of the purchase price.
HOA Fees
Monthly, and they vary widely with the building and its amenities. Ask for the current fee and the reserve fund balance.
Legal Fees
About 1% to 1.5% of the price for your independent attorney, plus small notary and Public Registry fees.
Property Tax
Annual, based on the registered value, with an exemption for a registered primary residence up to a set value.
Transfer Tax
Panama’s 2% transfer tax is customarily paid by the seller. Buyers pay no agent commission.
Santa Ana Real Estate FAQ
Where is Santa Ana?
Immediately north of Casco Viejo in Panama City, running along Avenida Central towards Plaza 5 de Mayo, between El Chorrillo and Calidonia.
How much does an apartment in Santa Ana cost?
In October 2026 the few advertised apartments were mostly new units near Casco Viejo. Studios and one-bedrooms asked from about $177,000 and two-bedrooms about $240,000–$475,000. Buildings for restoration asked from roughly $480,000.
Is Santa Ana safe?
It varies by block. The plaza and Avenida Central are busy by day, while some side streets are rougher. Visit the specific street at different times and take normal precautions.
How far is Santa Ana from Casco Viejo?
Right next door. Casco Viejo is a few minutes’ walk from Plaza de Santa Ana.
What is Law 519?
A 2026 law that extends Casco Antiguo’s tax and mortgage incentives for qualifying restoration and building projects to the whole of Santa Ana. Benefits are approved case by case.
Can foreigners buy property in Santa Ana?
Yes. Foreigners have the same property rights as Panamanians and can own titled property in their own name or through a Panamanian corporation or foundation.
About This Guide
Written by Ken Norton, founder of Panama Properties, a licensed buyer’s brokerage. We help buyers find homes and investments across Panama City, working alongside independent attorneys, inspectors and property managers. Prices are based on advertised asking prices reviewed in October 2026. Law 519 details should be confirmed with your attorney. Hero photo: Iglesia de Santa Ana by Y.Y.Y.G., CC BY 2.0, via Wikimedia Commons.
Looking at Property in Santa Ana?
Tell us your budget and whether you want a finished apartment near Casco Viejo or a building to restore. We will search the area, arrange viewings in person or by live video and work with your attorney on title and heritage checks before you make an offer.
Message us on WhatsApp at +507 6169-2453. Buyers pay no agent commission.
Panama Properties
Unit 1 Plaza Pedasí (Super Pedasí Plaza)
Pedasí, Los Santos 7401, Panama
WhatsApp: +507 6169-2453
Email: ken@panama-properties.com